At this point, Europe seems to have the edge over the US in moving ahead with at least some degree of planned austerity. But neither is even close to focusing on Peak Oil with the seriousness that the problem merits.

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I guess what they meant was, as peak oil causes prices to crash, we will need austerity in terms of giving government subsidies to the oil and gas drillers to keep their operations afloat, as they lose out to lower cost producers in a world with more oil than it needs? Or perhaps, we treated peak oil with the seriousness that it deserved and we cured it?

We need some boots on the ground experience on the economics of this topic, certainly the petroleum geologists have done their job quite well in telling the hired help where to drill, and the production engineers have done well in keeping the oil and gas moving to put the US at the forefront of global production technology, and the American consumers can now assign the credit (inappropriately) to the Obama administration as they revel in what to them is just a huge tax cut.

If only they KNEW that this is all because of peak oil, we should be trumpeting the early Prophets of Peak from the rooftops! Hail the Prophets and the Religion of Peak for getting these cost benefits for the global consumers...let the road trips begin!